$5 Million in Cryptocurrency Stolen in SIM Hijacking Operation

College student is arrested for his alleged involvement.

A college student from Boston was arrested this month at Los Angeles International Airport for his alleged role in a SIM hijacking scheme that resulted in the theft of more than $5 million in cryptocurrency.

Joel Ortiz, 20, allegedly hacked the SIM cards of 40 victims, Motherboard reports. He and others involved in the hack targeted people associated with cryptocurrency investment and blockchain operations. SIM hijacking occurs when a wireless provider is duped into moving the victim's phone number to a SIM held by the attacker, who then uses the number to reset passwords and hack other online accounts of the victim.

Ortiz was charged with identity theft, hacking, and grand theft, the report said.

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